COMMISSIONER OF CUSTOMS, MUMBAI Vs. MAHALAXMI GEMS

JUDGEMENT

(1.) Revenue has filed the present appeal under Section 130E(b) of the Customs Act, 1962 (for short, the Act ) against the final Order No. C- II/1132/WZB/2002 dated 26.03.2002 in Appeal No.C/362/91-Bom. passed by the Customs, Excise and Gold (Control) Appellate Tribunal, West Regional Bench at Mumbai (for short, the Tribunal ), whereby the Tribunal has allowed the appeal filed by the assessee-respondent herein.

(2.) M/s. Mahalaxmi Gems, Mumbai (hereinafter referred to as the Assessee ) filed Bill of Entry No.100136 dated 08.01.1997 for import of Rough Diamonds of CIF US$ 185662.83 = CIF Rs. 66,83,862.00. The goods were supplied by M/s. Param Diam BVBA, Belgium under cover of invoice No.R-101/97 dated 6.1.1997. The said invoice of the shipper covered 3 lots of rough diamonds supplied at different CIF prices per carat, details of which are as under: <FRM>JUDGEMENT_97_ECC134_2008_1.html</FRM>

(3.) On physical examination, the description and weight of the three declared lots was found fair as per invoice. But on examination, customs authorities were of the opinion that the goods were overinvoiced. The goods were thereafter shown to all the Appraisers at DPCC as well as to the trade panel members approved by the Commissioner of Customs. As per the Appraisers Valuation Report as well as the trade panel Report No. GJC/P/Cus. 96-97/42005 dtd. 10/1/1997, submitted through the Gems and Jewelry Export Promotion Council the ascertained fair value of the goods found as under: <FRM>JUDGEMENT_97_ECC134_2008_2.html</FRM>